IIP-17

IMPLEMENTED

Simple Summary

Illuvium's three lead investors - Framework, Delphi Digital, and IOSG propose delaying the token unlocking event from March 31st, 2022, until June 30th, 2022

Abstract

The DAO should use the opportunity presented by Staking v2 to delay the token unlock event for pre-seed, seed, and team to mitigate the issues with the delay of the game.

Overview

Illuvium designed the vesting period to prevent the seed and team from obtaining unlocked tokens before revenue distributions. The original vesting period for seed investors and core contributors was 12 months + an additional 12 months linear unlocking. As the project's scope has expanded considerably, this is no longer possible to guarantee revenue distributions before the unlock event, and we believe we should delay.

We propose a new unlocking date of June 30th, 2022, AEDT.

Rationale

Delaying the seed/team-token unlock date removes the potential sell pressure. The delay also allows us to demonstrate revenue distributions—a critical mechanism to incentivise investors to hold their tokens. We believe this reflects the conviction in the project's longevity and shows that the team is fully committed to delivering its vision.

Test Cases

N/A.